Construction News

20/04/2015

£2.6bn Takeover Of Canary Wharf Group Complete

Brookfield Property Partners, in partnership with Qatar Investment Authority (QIA), has completed a £2.6 billion takeover of the Canary Wharf Group.

The takeover was completed through the acquisition of Songbird Estates Plc and their acquisition of the share capital of Canary Wharf Group not owned by Songbird.

A joint bid was launched by both Brookfield and QIA to take control of Canary Wharf Group in December 2014.

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Ric Clark, CEO of Brookfield Property Group, said: "We are extremely pleased to have completed the acquisition of Songbird and through it, Canary Wharf Group, with our joint venture partner, QIA."

H.E. Sheikh Abdulla bin Mohammed Al Thani, CEO of QIA has said he is delighted that QIA and Brookfield has acquired Canary Wharf Group.

He said: "We look forward to realizing our partnership with Brookfield as long term investors, to support the management’s strategy of pursuing further expansion through the creation of a sustainable, mixed development comprising offices, homes as well as retail and leisure space."

(LM/MH)

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